I have received 143(2) notice. It identifies two issues:
1. Purchase of new property
2. Deduction claimed under the head Capital Gains
Background:
We (me & my wife) sold our 8 year old jointly owned flat recently and bought another flat in joint names. Entire sale proceeds of the old flat were invested in buying the resale flat. We also had to take a home loan to pull additional funds.
Original returns were filed by me and I believe the capital gain calculations etc are correct.
I have been asked to personally meet AO and produce "any evidence which I feel is necessary in support of the said return of income". In short there is no specific list of documents to be produced.
Questions:
1. What documents should I carry with me? I was planning to carry following:
a. Copies of agreements (+ Stamp duty receipt, Registration receipt, Index 2) of the old flat when I purchased it from the builder and sold it to the buyer.
b. Copy of sale agreement for the new flat (+ Stamp duty receipt, Registration receipt, Index 2)
2. What exactly would the AO be interested in? Can I ask him the issues upfront so that I can present relevant documents and save our time or should I just dump everything mentioned above and wait for his reaction/questions?
3. Both the properties were financed using our savings and home loans. Do I need to carry home loan documents e.g. Sanction letter, disbursement details etc?
4. I do not have much time left to collate all the documents. Can I ask for more time to produce them in case AO is interested in them?
Please advice.
CAclubindia
